STARBUCKS CORP

For the period ended Sep 28, 2025. Filed Nov 14, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Nov 14, 2025

SBUX$109.44+3.8%Stored close · as of Nov 9, 2026

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Contents

Financial Statements and Supplementary Data

Fiscal Year Ended	Sep 28,2025	Sep 29,2024	Oct 1,2023
Net revenues:
Company-operated stores	$30,744.8	$29,765.9	$29,462.3
Licensed stores	4,350.4	4,505.1	4,512.7
Other	2,089.2	1,905.2	2,000.6
Total net revenues	37,184.4	36,176.2	35,975.6
Product and distribution costs	11,658.2	11,180.6	11,409.1
Store operating expenses	17,058.9	15,286.5	14,720.3
Other operating expenses	584.6	565.6	539.4
Depreciation and amortization expenses	1,684.7	1,512.6	1,362.6
General and administrative expenses	2,617.2	2,523.3	2,441.3
Restructuring and impairments	892.0	—	21.8
Total operating expenses	34,495.6	31,068.6	30,494.5
Income from equity investees	247.8	301.2	298.4
Gain from sale of assets	—	—	91.3
Operating income	2,936.6	5,408.8	5,870.8
Interest income and other, net	113.3	122.8	81.2
Interest expense	(542.6)	(562.0)	(550.1)
Earnings before income taxes	2,507.3	4,969.6	5,401.9
Income tax expense	650.6	1,207.3	1,277.2
Net earnings including noncontrolling interests	1,856.7	3,762.3	4,124.7
Net earnings attributable to noncontrolling interests	0.3	1.4	0.2
Net earnings attributable to Starbucks	$1,856.4	$3,760.9	$4,124.5
Earnings per share — basic	$1.63	$3.32	$3.60
Earnings per share — diluted	$1.63	$3.31	$3.58
Weighted average shares outstanding:
Basic	1,136.0	1,133.8	1,146.8
Diluted	1,139.8	1,137.3	1,151.3

(in millions)

Fiscal Year Ended	Sep 28,2025	Sep 29,2024	Oct 1,2023
Net earnings including noncontrolling interests	$1,856.7	$3,762.3	$4,124.7
Other comprehensive income/(loss):
Unrealized holding gains/(losses) on available-for-sale debt securities	2.7	12.1	3.3
Tax (expense)/benefit	(0.8)	(3.0)	(0.8)
Unrealized gains/(losses) on cash flow hedging instruments	80.1	106.0	(149.4)
Tax (expense)/benefit	(17.9)	(16.2)	17.2
Unrealized gains/(losses) on net investment hedging instruments	255.9	55.7	73.2
Tax (expense)/benefit	(64.6)	(14.1)	(18.5)
Translation adjustment and other	(113.4)	225.9	(109.0)
Tax (expense)/benefit	—	(8.8)	1.8
Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale securities, hedging instruments, translation adjustment, and other	(224.9)	(19.2)	(158.9)
Tax expense/(benefit)	52.4	11.0	26.1
Other comprehensive income/(loss), net of tax	(30.5)	349.4	(315.0)
Comprehensive income including noncontrolling interests	1,826.2	4,111.7	3,809.7
Comprehensive income/(loss) attributable to noncontrolling interests	0.1	1.8	(0.5)
Comprehensive income attributable to Starbucks	$1,826.1	$4,109.9	$3,810.2

	Sep 28,2025	Sep 29,2024
ASSETS
Current assets:
Cash and cash equivalents	$3,219.8	$3,286.2
Short-term investments	247.2	257.0
Accounts receivable, net	1,277.5	1,213.8
Inventories	2,185.6	1,777.3
Prepaid expenses and other current assets	452.2	313.1
Total current assets	7,382.3	6,847.4
Long-term investments	246.9	276.0
Equity investments	466.2	463.9
Property, plant and equipment, net	8,493.5	8,665.5
Operating lease, right-of-use asset	9,315.7	9,286.2
Deferred income taxes, net	1,826.9	1,766.7
Other long-term assets	752.5	617.0
Other intangible assets	166.8	100.9
Goodwill	3,368.9	3,315.7
TOTAL ASSETS	$32,019.7	$31,339.3
LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT)
Current liabilities:
Accounts payable	$1,852.8	$1,595.5
Accrued liabilities	2,359.7	2,194.7
Accrued payroll and benefits	1,093.9	786.6
Current portion of operating lease liability	1,564.5	1,463.1
Stored value card liability and current portion of deferred revenue	1,840.6	1,781.2
Current portion of long-term debt	1,498.9	1,248.9
Total current liabilities	10,210.4	9,070.0
Long-term debt	14,575.9	14,319.5
Operating lease liability	8,972.2	8,771.6
Deferred revenue	5,772.6	5,963.6
Other long-term liabilities	577.8	656.2
Total liabilities	40,108.9	38,780.9
Shareholders’ deficit:
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,136.9 and 1,133.5 shares, respectively	1.1	1.1
Additional paid-in capital	634.1	322.6
Retained deficit	(8,272.5)	(7,343.8)
Accumulated other comprehensive income/(loss)	(459.3)	(428.8)
Total shareholders’ deficit	(8,096.6)	(7,448.9)
Noncontrolling interests	7.4	7.3
Total deficit	(8,089.2)	(7,441.6)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT)	$32,019.7	$31,339.3

(in millions)

Fiscal Year Ended	Sep 28,2025	Sep 29,2024	Oct 1,2023
OPERATING ACTIVITIES:
Net earnings including noncontrolling interests	$1,856.7	$3,762.3	$4,124.7
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	1,771.5	1,592.4	1,450.3
Deferred income taxes, net	(90.6)	(13.8)	(59.4)
Income earned from equity method investees, net	(274.2)	(306.4)	(301.8)
Distributions received from equity method investees	294.4	333.3	222.8
Gain on sale of assets	—	—	(91.3)
Stock-based compensation	318.3	308.3	302.7
Non-cash lease costs	1,513.8	1,314.9	1,365.9
Loss on disposal, impairment, and accelerated amortization of assets	834.7	121.5	101.4
Other	17.3	31.9	26.8
Cash provided by/(used in) changes in operating assets and liabilities:
Accounts receivable	(89.7)	18.4	(4.1)
Inventories	(408.4)	42.8	366.4
Income taxes payable	103.8	(61.9)	52.5
Accounts payable	261.0	28.0	100.1
Deferred revenue	(120.7)	(72.2)	(110.8)
Operating lease liability	(1,576.7)	(1,294.9)	(1,443.8)
Other operating assets and liabilities	336.3	291.0	(93.7)
Net cash provided by operating activities	4,747.5	6,095.6	6,008.7
INVESTING ACTIVITIES:
Purchases of investments	(333.6)	(627.5)	(610.5)
Sales of investments	1.1	10.3	2.5
Maturities and calls of investments	391.8	768.2	616.9
Additions to property, plant and equipment	(2,305.5)	(2,777.5)	(2,333.6)
Acquisitions, net of cash acquired	(177.1)	—	—
Proceeds from sale of assets	—	—	110.0
Other	(62.1)	(72.7)	(56.1)
Net cash used in investing activities	(2,485.4)	(2,699.2)	(2,270.8)
FINANCING ACTIVITIES:
Net (payments)/proceeds from issuance of commercial paper	—	—	(175.0)
Net proceeds from issuance of short-term debt	2.4	123.8	114.6
Repayments of short-term debt	(7.8)	(157.5)	(78.8)
Net proceeds from issuance of long-term debt	1,748.5	1,995.3	1,497.8
Repayments of long-term debt	(1,250.0)	(1,825.1)	(1,000.0)
Proceeds from issuance of common stock	77.0	108.0	167.4
Cash dividends paid	(2,771.4)	(2,585.0)	(2,431.8)
Repurchase of common stock	—	(1,266.7)	(984.4)
Minimum tax withholdings on share-based awards	(87.4)	(100.4)	(89.3)
Other	(9.3)	(10.6)	(11.1)
Net cash used in financing activities	(2,298.0)	(3,718.2)	(2,990.6)
Effect of exchange rate changes on cash and cash equivalents	(30.5)	56.5	(14.2)
Net increase/(decrease) in cash and cash equivalents	(66.4)	(265.3)	733.1
CASH AND CASH EQUIVALENTS:
Beginning of period	3,286.2	3,551.5	2,818.4
End of period	$3,219.8	$3,286.2	$3,551.5
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest	$588.3	$570.7	$524.3
Income taxes	$715.6	$1,373.3	$1,294.2

CONSOLIDATED STATEMENTS OF EQUITY

Common Stock · Additional Paid-in Capital · RetainedEarnings/(Deficit) · AccumulatedOtherComprehensiveIncome/(Loss) · Shareholders’Equity/(Deficit) · NoncontrollingInterests · Total
Shares · Amount
Balance, October 2, 2022	1,147.9		$1.1		$205.3		$(8,449.8)		$(463.2)		$(8,706.6)		$7.9		$(8,698.7)
Net earnings	—		—		—		4,124.5		—		4,124.5		0.2		4,124.7
Other comprehensive loss	—		—		—		—		(314.3)		(314.3)		(0.7)		(315.0)
Stock-based compensation expense	—		—		306.4		—		—		306.4		—		306.4
Exercise of stock options/vesting of RSUs	4.2		—		28.4		—		—		28.4		—		28.4
Sale of common stock	0.5		—		49.6		—		—		49.6		—		49.6
Repurchase of common stock	(10.0)		—		(548.6)		(455.9)		—		(1,004.5)		—		(1,004.5)
Cash dividends declared, $2.16 per share	—		—		—		(2,474.6)		—		(2,474.6)		—		(2,474.6)
Noncontrolling interest resulting from divestiture	—		—		(3.0)		—		(0.7)		(3.7)		(0.4)		(4.1)
Balance, October 1, 2023	1,142.6		$1.1		$38.1		$(7,255.8)		$(778.2)		$(7,994.8)		$7.0		$(7,987.8)
Net earnings	—		—		—		3,760.9		—		3,760.9		1.4		3,762.3
Other comprehensive income	—		—		—		—		349.0		349.0		0.4		349.4
Stock-based compensation expense	—		—		312.0		—		—		312.0		—		312.0
Exercise of stock options/vesting of RSUs	3.1		—		(47.6)		—		—		(47.6)		—		(47.6)
Sale of common stock	0.6		—		55.3		—		—		55.3		—		55.3
Repurchase of common stock(1)	(12.8)		—		(35.2)		(1,223.9)		—		(1,259.1)		—		(1,259.1)
Cash dividends declared, $2.32 per share	—		—		—		(2,625.0)		—		(2,625.0)		—		(2,625.0)
Purchase of noncontrolling interests and other	—		—		—		—		0.4		0.4		(1.5)		(1.1)
Balance, September 29, 2024	1,133.5	$1.1		$322.6		$(7,343.8)		$(428.8)		$(7,448.9)		$7.3		$(7,441.6)
Net earnings	—		—		—		1,856.4		—		1,856.4		0.3		1,856.7
Other comprehensive loss	—		—		—		—		(30.3)		(30.3)		(0.2)		(30.5)
Stock-based compensation expense	—		—		321.9		—		—		321.9		—		321.9
Exercise of stock options/vesting of RSUs	2.8		—		(63.0)		—		—		(63.0)		—		(63.0)
Sale of common stock	0.6		—		52.6		—		—		52.6		—		52.6
Repurchase of common stock(1)	—		—		—		—		—		—		—		—
Cash dividends declared, $2.45 per share	—		—		—		(2,785.0)		—		(2,785.0)		—		(2,785.0)
Purchase of noncontrolling interests and other	—		—		—		(0.1)		(0.2)		(0.3)		—		(0.3)
Balance, September 28, 2025	1,136.9		$1.1		$634.1		$(8,272.5)		$(459.3)		$(8,096.6)		$7.4		$(8,089.2)

(1) Includes excise tax on share repurchases.

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